Occidental Awarded Nine Exploration Blocks In Libya

Occidental Petroleum has been awarded interests in nine exploration blocks in Libya's first licensing round since U.S. sanctions were lifted.

Libya's National Oil Corporation (NOC) awarded Occidental Blocks 106 and 124 in the Sirte Basin, Blocks 131 and 163 in the Murzuk Basin and Block 59 in the Cyrenaica Basin. Occidental will be the operator and will hold a 90 percent working interest in these blocks. Liwa Energy will hold the remaining 10 percent interest. Liwa is owned by Mubadala Development, the investment and development company wholly owned by the Government of the Emirate of Abu Dhabi.

In addition, Occidental is a member of the consortium that was named the winning bidder in four offshore blocks (Blocks 35, 36, 52 and 53). Occidental has a 35 percent interest. Woodside Petroleum Ltd., which will serve as operator, holds a 55 percent interest, and Liwa the remaining ten percent.

"We are exceptionally pleased we've been awarded interests in nine of the 15 exploration blocks offered in this bid round and believe they have considerable potential,'' said Dr. Ray R. Irani, Chairman, Chief Executive Officer and President. ``Occidental has a long and successful history in Libya and we look forward to again working with our Libyan partners to build on that success. We expect to begin our exploration work in these blocks as soon as possible.''

The nine blocks awarded to Occidental and its partners cover an area in excess of 76,000 square kilometers (47,000 square miles).